Administrative punishment measures of CBRC shall be implemented from August 1

category:Finance
 Administrative punishment measures of CBRC shall be implemented from August 1


There are 10 chapters and 104 articles in the measures, aiming at standardizing the procedure of administrative penalty, improving the efficiency of administrative penalty, fully protecting the legitimate rights and interests of the administrative counterpart, and standardizing the whole process of administrative penalty case jurisdiction, case investigation, trial and deliberation, right notification and hearing, decision and execution, legal responsibility, etc.

It is worth mentioning that there are 9 chapters and 99 articles in the draft. It is found that the chapter of legal liability has been added to the draft of the measures. The main contents include: those who seriously violate the work discipline of administrative punishment, such as abuse of power, malpractice for personal gain, dereliction of duty, changing the type and range of the decision of administrative punishment without authorization, shall be given administrative punishment according to law; those suspected of crimes shall be transferred to the discipline inspection and supervision organ for treatment according to law, etc.

The administrative punishments referred to in the measures include: warning; fine; confiscating illegal income; ordering to suspend business for rectification; revoking the financial (business) license; canceling (canceling) the post holding qualification; limiting the business scope of insurance institutions; ordering insurance institutions to stop accepting new business; revoking the representative offices of foreign banks and the representative offices of foreign insurance institutions in China; and requiring the removal and replacement of foreign banks The banks chief representative, the order to replace the chief representative of the representative office of a foreign insurance institution in China, the prohibition of engaging in banking work or entering the insurance industry, and other administrative penalties prescribed by laws and administrative regulations. According to the measures, the CBRC and its local offices shall follow the following principles when imposing administrative punishments: fairness, impartiality and openness; legal procedures; equal punishment; safeguarding the legitimate rights and interests of the parties; and combining punishment with education. Source: Wang Xiaowu, editor in charge of Shanghai Securities News and China Securities Net_ NF

The administrative punishments referred to in the measures include: warning; fine; confiscating illegal income; ordering to suspend business for rectification; revoking the financial (business) license; canceling (canceling) the post holding qualification; limiting the business scope of insurance institutions; ordering insurance institutions to stop accepting new business; revoking the representative offices of foreign banks and the representative offices of foreign insurance institutions in China; and requiring the removal and replacement of foreign banks The banks chief representative, the order to replace the chief representative of the representative office of a foreign insurance institution in China, the prohibition of engaging in banking work or entering the insurance industry, and other administrative penalties prescribed by laws and administrative regulations.

According to the measures, the CBRC and its local offices shall follow the following principles when imposing administrative punishments: fairness, impartiality and openness; legal procedures; equal punishment; safeguarding the legitimate rights and interests of the parties; and combining punishment with education.